Looking to Start Investing in Ohio or PA.

[Naseema Subrati]

Hi All - I live in New York and looking to start investing in Ohio or PA. Just wondering, what areas are recommended based on experience and any advice that you can offer?

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically?

Thanks!!

Naseema

[Remington Lyman]

Quote from @Naseema Subrati:

Hi All - I live in New York and looking to start investing in Ohio or PA. Just wondering, what areas are recommended based on experience and any advice that you can offer?

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically?

Thanks!!

Naseema

I moved from Connecticut to Columbus, Ohio in 2012 and started investing in 2017 with a house hack.

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically? - I have some oos investors that just hire a VA and do it themselves

[Naseema Subrati]

@Remington Lyman

Thanks for the insight. I have an investment property in Connecticut, since its only 2 hours ways, it's easy to go back and forth when needed.

What areas in Ohio would you recommend looking into?

[Remington Lyman]

Quote from @Naseema Subrati:

@Remington Lyman

Thanks for the insight. I have an investment property in Connecticut, since its only 2 hours ways, it's easy to go back and forth when needed.

What areas in Ohio would you recommend looking into?

It does not matter where you start as long as you develop your Core 4. The core 4 is David Greene’s long-distance investing strategy and consists of a realtor, contractor, property manager, and lender. Once you have this team in place, you should be able to invest in any market confidently.

I buy in Columbus, Ohio but I have clients that buy all over Ohio

[Peter Dorinsky]

Hey Naseema, If you're looking into Ohio I'd suggest researching the Columbus and Cleveland markets. Columbus is rapidly developing from large tech companies expanding their business in the area, most notably is Intel investing $20 billion to build chip manufacturing plants, which is projected to create thousands of new jobs. Cleveland is a great rental market, with a low cost of entry and strong rents. 

If you're investing out of state, hiring a property manager tends to be the most practical option. Building your core 4 is fundamental to successful OOS investing. I'd give this article by David Greene a read: https://www.biggerpockets.com/blog/core-four-real-estate-tea...

[Nadeem Alamgir]

Hey Naseema, I moved from New York to Ohio for the real estate market. It has a lower cost of entry and is investor-friendly for first-time investors compared to New York.

I would definitely recommend checking out the Cleveland market if you are interested in collecting cash flow, and specific pockets have gone up 2x and upwards of 4x in the last 5 to 10 years.

Let me know if you have any questions, I am more than happy to be a resource.

[Jay Thomas]

Ohio and Pennsylvania offer different investment opportunities. In Ohio, cities like Columbus and Cleveland have affordable housing and a steady rental market, but appreciation might be slower. Pennsylvania's cities, such as Pittsburgh and Philadelphia, offer higher appreciation potential and lively rental markets, but the property prices are generally higher.Check out neighborhoods, compare prices, and choose based on your budget and goals. Build a team-Get a property manager to handle the daily stuff,and maybe even a local handyman in your chosen state.Use online platforms for rent payments, maintenance requests, and communication.

Touch base with your property and team, build relationships with tenants.

[Alfath Ahmed]

Quote from @Naseema Subrati:

Hi All - I live in New York and looking to start investing in Ohio or PA. Just wondering, what areas are recommended based on experience and any advice that you can offer?

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically?

Thanks!!

Naseema

Hi Naseema, I would look into the Columbus market in Ohio. I live and buy a ton of real estate here. I have seen a ton of growth over the last 3-5 years. A lot of the clients I work with are from California and New York. They love investing here and buying both BRRRR and turnkey deals.

Most OOs work with PM companies. I recommend working with Elite Property Management owned by @Kyle Tom. He was an out of state investor in Seattle working at google. He moved here and now manages 400+ units here in Columbus. 

[Naseema Subrati]

Thanks!

[Samuel Diouf]

Hey Naseema, 

You should think about developing a core 4 when new to investing OOS. It consists of a realtor, contractor, property manager, and a lender. Once you have this team in place, you should have the foundation to invest in any market confidently while not being there physically. 

I live and invest in Columbus, Ohio and believe it to be a great option to consider. Multiple, billion dollar companies are investing substantial amounts of money into our area, such as Intel, Google, and Amazon. Which in turn will bring plenty of other investors and general business into the market. 

[Naseema Subrati]

Thanks @Samuel Diouf - would love to connect and learn more about the area and your insights.

[Nicholas L.]

@Naseema Subrati

invest within driving distance / where you can be hands on

[Max Feinberg]

@Naseema Subrati Hi Naseema! Pittsburgh is a great market to invest in for most strategies. What types of properties are you looking for? What is your price range? Small multi family is generally the most attractive asset class for out of state investors here as it provides a nice balance of cash flow with reasonable purchase price

[Min Zhang]

North Linden, South of Main, Vassor Village, Woodland Park, MT Vernon, Milo-Grogan, Franklinton, Merrion Village, Hungarian Village, Southern Orchards, Driving Park, Olde Towne East, Franklin Park, King Lincoln, Old Oaks, Livingston Park are all but not limited to some areas in Columbus, Ohio I think will gentrify quickly and make for great long term buy and holds. I personally have success in doing flips with my partner here in Ohio. 

I recommend using a property manager since you are investing out of state (OOS). I can send you a list of contacts in Ohio to help you build your team, property manager. Let me know how I can help!

[Naseema Subrati]

Hi @Max Feinberg - Looking for 2+ families. What areas in Pittsburgh do you recommend?

[Simon Ashbaugh]

If cash flow is your top priority, Cleveland's reliable rents and predictable income could be a strong contender. However, if your sights are set on long-term appreciation, Columbus might be more appealing. Ongoing population growth, a thriving tech scene and strong economic factors point towards potential value increases down the line. I'd be happy to connect if you wish to know more.

[Josie Brown]

Hi Naseema! Cleveland and Columbus in Ohio have some great real estate investment opportunities. In regards to hiring a property manager, it really depends on what you are looking for. If you want you to be more hands-off, I would suggest working with a property manager who is local to the area. You can always call around to a few property managers beforehand to understand whether they'd be a good fit and whether they can help you in your investment property search!

[Travis Biziorek]

Hey Naseema, I highly recommend adding Detroit to your list.

I invest there (from California) and know a lot of folks in NY that do the same. In my (admittedly biased) opinion it's the most interest market right now that allows for both cash flow and appreciation.

I also self manage but I would not recommend that for someone starting out unless you simply plucked something from the MLS that already has a tenant in place. I'd work on building your network and ground team before going the self-management route.

[Michael Smythe]

@Naseema Subrati we 2nd @Travis Biziorek recommendation about Detroit!

Check out some of the great things happening in Detroit in 2024

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

The NFL Draft in April is expected to bring over $100M alone!

[Omar Mohamed]

Hello, Pittsburgh has been a great Market for me so as alot of new investors. can find great deals if you looking to hold or flip! feel free to connect if you need more info. mot a relator im an investor and contractor here in Pittsburgh 

[Jimmy Lieu]

Quote from @Naseema Subrati:

Hi All - I live in New York and looking to start investing in Ohio or PA. Just wondering, what areas are recommended based on experience and any advice that you can offer?

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically?

Thanks!!

Naseema

Hi Naseema, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here. Specifically, there's job growth (Intel, Honda, Amazon, Nationwide, etc) and the population is growing (unlike Cleveland or Cincy). I really see Columbus Ohio as an extremely safe bet for the next 10-20 years. Plus, there's still so many positive cash flowing and 1% deals here in Columbus Ohio. As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

[Jimmy Bartlett]

Quote from @Naseema Subrati:

Hi @Max Feinberg - Looking for 2+ families. What areas in Pittsburgh do you recommend?

I'm in Lancaster PA.  Newbie here if anyone has any insight or would be willing to connect, I would appreciate it!

[Gary Swank]

Hi Naseema, consider Pittsburgh PA. Investors, both local and remote, like the Pittsburgh market as it's often more affordable than other saturated markets. But it gets tricky as you've really got to either know the area or open to learn as our neighborhoods are diverse and in various stages of redevelopment.  That's where having a conversation with a local is suggested.  I've lived here my whole life and am in and out of properties every single day. 

also yes having a good property manager is recommended.  Feel free to reach out further. 

[James Wise]

Quote from @Naseema Subrati:

Hi All - I live in New York and looking to start investing in Ohio or PA. Just wondering, what areas are recommended based on experience and any advice that you can offer?

Also, is the only way to invest in other states by hiring a property manager, since its not possible to be there physically?

Thanks!!

Naseema

While you're looking at Cleveland you'll get a lot of value reading The Ultimate Guide to Grading Cleveland Neighborhoods.

[Naseema Subrati]

Thanks @James Wise!

[John McDonald]

Detroit. Find a property manager and realtor who has years of experience and can provide trusted contractors. Then set up a partnership with them. Locate the properties with flip squad. Have your new team do the walk-throughs. You buy, they manage.